GSA Capital Partners LLP Makes New $860,000 Investment in SouthState Bank Corporation $SSB

GSA Capital Partners LLP purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,607 shares of the company’s stock, valued at approximately $860,000.

A number of other large investors also recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. grew its position in SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after acquiring an additional 111 shares during the last quarter. Cetera Investment Advisers raised its position in SouthState Bank by 0.6% in the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock valued at $1,754,000 after purchasing an additional 116 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of SouthState Bank by 0.7% during the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares in the last quarter. MML Investors Services LLC boosted its stake in shares of SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares in the last quarter. Finally, FourThought Financial Partners LLC grew its holdings in shares of SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after purchasing an additional 139 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

SouthState Bank Trading Down 0.6%

Shares of SSB stock opened at $110.17 on Wednesday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a 50 day simple moving average of $102.81 and a two-hundred day simple moving average of $98.94. The company has a market cap of $10.68 billion, a P/E ratio of 11.58 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the prior year, the business earned $2.30 EPS. Research analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a dividend of $0.66 per share. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s payout ratio is currently 27.76%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SSB. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a report on Tuesday, July 7th. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Hovde Group upped their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Finally, DA Davidson reaffirmed a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $119.64.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.